while advanced AI can provide an extra $777 billion each year. That’s $1.7 trillion in annual value or 12.39% of sales. For retailers, marketing and sales are where AI creates the most value at $1.1 trillion in annual benefits .
A big problem for global companies is that big data is spread across silos that don’t communicate with each other. Contracts, customer data, regulations and other important information are not fully utilized. AI can get data auto-tagged, classified automatically, and organized in the right compartments to make information discoverable across multiple locations.
“Inefficient contracting costs companies anywhere from 5% to 40% of a contract's total value,” says Hemanth Puttaswamy, CEO and Co-founder of, a cloud-based contract management software that uses AI to enable search and filter capabilities for contract data. “It’s our firm’s goal to significantly reduce that cost, as well as improve entity-wide efficiencies.” For example, the company’s AI-powered contract tool learns a client’s patterns for redlining and negotiation.
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